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The report pointed out that the slowdown in world economic growth and the rise in retail oil prices are the main variables for world oil demand this year.
The report said that the current world crude oil market exceeds supply, and the total demand for OPEC crude oil in the world market this year will decrease slightly, from 31.9 million barrels per day last year to 31.7 million barrels.
However, the report also predicts that the total daily demand for crude oil in the world this year will increase by 200,000 barrels to 86.97 million barrels. The report believes that the United States is on the verge of economic recession, and the economic outlook of other regions outside the United States has also deteriorated, making the world’s major industrial countries’ oil consumption demand drop, but the strong increase in demand from developing countries has offset this effect to some extent.
OPEC Releases Monthly Report Predicts World Crude Oil Production and Consumption
The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report in Vienna on the 14th, which predicted the world's crude oil production and consumption this year.